The smartphone is powered by the MediaTek Dimensity 702 SoC, and has a 6.5-inch screen, three rear cameras and a 5000 mAh battery, the South China Morning Post reported.
In March, realme launched the X50 Pro 5G in a number of countries, though not in Australia. The RRP was the equivalent of US$525 (A$810 or ₹37,900).
Other Chinese smartphone firms like OPPO and Huawei have launched 5G models in Australia, though the prices are not even within range of the realme V3 5G.
At the moment, the cheapest 5G phone in Australia is the OPPO Find X2 Lite which retails for $749.
The report said the cheapest 5G Xiaomi phone, the Redmi K30i 5G, cost about 1500 yuan while vivo’s iQOO Z1x 5G was 1600 yuan. Both OPPO and vivo are owned by B.B.K. Electronics which also owns OnePlus. realme also has connections to BBK.
In June, Qualcomm released a 5G capable 6-series chip, and said that it would help to reduce prices for devices that supported the new technology.
But it remains to be seen whether smartphones based on the Snapdragon 690 5G will be able to match and beat realme.